Indef Manufacturing Ltd.

•

indef.comBSE: 544364NSE: BAJAJINDEF

Market Cap₹ 710 Cr.

Current Price

High / Low₹ 443 / 207

Stock P/E27.3

Book Value₹ 87

Price to Book2.47

Dividend Yield0.90 %

ROCE10.7 %

ROE9.9 %

Face Value₹ 1

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ABOUT

AI Sector View

AI GENERATED

Capital Goods

Buy

Capital goods is supported by strong public capex and still-expansionary industrial activity. Capital expenditure rose 66% YoY (2026-06), GST collections grew 8% YoY (2026-07), and the core industries Overall Index increased 5.4% YoY (2026-07). E-way bills slowed to 6% YoY (2026-07) and sector FPI flows show INR -9697 crore net outflow over 3 months to 2026-08-31, but the investment cycle and fiscal impulse remain favorable.

Confidence

72%

View full sector analysis →

PROS

Company is almost debt free
Working capital cycle has improved - days down from 64 to 52

CONS

Company has a low return on capital employed of -128.1%
Recent results are weak - TTM profit is down 18.6% versus prior year
A large part of profit comes from other income (31.5% of PBT)

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Capital GoodsCapital GoodsEngineering - Industrial Equipments

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	BHEL	421.50	60.34	146768.97	0.33	376.71	182.70	7697.72	40.29	9.24	6.69
2.	INDOMIM	947.70	87.83	46861.96	0.62	2401.22	—	12187.42	—	24.48	33.36
3.	THERMAX	3623.50	72.77	43176.29	0.55	21.79	-85.61	2302.73	7.09	15.85	2.98
4.	HONAUT	35564.65	57.06	31444.57	0.31	150.70	20.95	1204.40	1.80	17.04	14.32
5.	JYOTICNC	1018.20	71.98	23156.22	0.00	57.14	-19.99	508.47	23.97	23.88	21.40
6.	INOXINDIA	2230.95	79.60	20284.35	0.09	58.07	-4.98	370.79	9.18	33.54	20.46
7.	AZAD	2869.20	133.33	18529.79	0.00	35.16	19.46	172.60	25.90	12.04	37.29
8.	TRITURBINE	569.00	53.79	18088.42	0.75	51.10	-20.65	442.70	19.23	35.95	11.59
9.	LLOYDSENGG	83.06	57.60	12882.93	0.30	68.23	-77.28	527.15	142.92	17.99	15.04
10.	TEGA	1606.65	571.27	12070.39	0.12	-108.25	-406.36	1723.44	383.99	8.37	3.27
11.	KRN	1627.05	109.86	10650.42	0.00	32.90	164.84	252.32	118.87	16.06	19.44
12.	BAJAJINDEF	221.95	30.25	710.24	0.90	5.48	-3.01	34.46	-13.21	9.32	-2.84

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	40	57	38	43	44	52	38	48	49	61	28
	34	44	33	36	37	41	34	41	43	51	31
Operating Profit	6	13	6	7	8	11	4	7	5	10	-2
OPM %	15.10%	23.21%	14.76%	15.99%	17.03%	20.68%	10.10%	13.92%	10.65%	16.41%	-8.52%
	4	4	4	6	3	4	5	3	4	-4	9
Interest	0	0	0	0	0	0	0	0	0	0	0
Depreciation	1	1	1	1	1	1	1	1	1	2	1
Profit before Tax	8	16	8	11	9	14	8	8	8	4	7
Tax %	33.57%	26.09%	27.13%	-0.98%	24.89%	25.46%	25.06%	16.77%	25.48%	-99.73%	13.22%
Net Profit	6	12	6	11	7	10	6	7	6	7	6
	1.75	3.64	1.79	3.53	2.21	3.17	1.83	2.09	1.94	2.28	1.82

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	0	0	177	196	186
	0	0	146	170	166
Operating Profit	-0	-0	31	26	19
OPM %	—	—	17.35%	13.14%	10.47%
	0	0	17	8	12
Interest	0	0	0	0	0
Depreciation	0	0	5	6	6
Profit before Tax	-0	-0	42	28	27
Tax %	-0.00%	29.06%	18.57%	6.42%	2.69%
Net Profit	-0	-0	34	26	26
EPS	-0.95	-4.37	10.70	8.14	—
Dividend Payout %	0.00%	0.00%	18.69%	24.57%	—

COMPOUNDED SALES GROWTH

10 Years:: —
5 Years:: —
3 Years:: —

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: —
3 Years:: —

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: —
1 Year:: -37%

RETURN ON EQUITY

10 Years:: —
5 Years:: —
3 Years:: 12%
Last Year:: 10%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2024	Mar 2025	Mar 2026
Equity Capital	0	3	3
	-0	250	269
	0	3	1
Trade Payables	0	22	27
	-0	23	26
Total Liabilities	0	301	326
	0	35	35
Capital Work in Progress	0	2	0
	0	199	215
	0	22	26
	0	31	26
Cash & Bank	0	6	4
	0	5	19
Total Assets	0	301	326

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	-0	-0	5	32
Cash from Investing	0	0	-10	-25
Cash from Financing	0	0	-2	-8
	0	0	-7	-2

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2023	Mar 2024	Mar 2025	Mar 2026

Shareholding Pattern

Numbers in percentages

	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	69.61	69.61	69.61	69.61	69.61	69.61
	1.57	1.59	1.56	1.56	1.57	1.11
	0.00	0.00	0.00	0.00	0.13	0.00
Government	0.00	0.00	0.00	0.00	0.00	0.00
	28.81	28.80	28.83	28.83	28.69	29.28

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-08-14

Shareholders meeting

2026-08-14 - Indef Manufacturing Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on August 12, 2026. Further, the company has informed the Exchange regarding voting results.

2026-08-12

Shareholders meeting

2026-08-12 - Indef Manufacturing Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on August 12, 2026

2026-08-12

Outcome of Board Meeting

2026-08-12 - Indef Manufacturing Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.

2026-07-18

Copy of Newspaper Publication

2026-07-18 - Indef Manufacturing Limited has informed the Exchange about Copy of Newspaper Publication for 4th AGM

2026-07-17

Shareholders meeting

2026-07-17 - Indef Manufacturing Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on August 12, 2026

2026-07-17

Copy of Newspaper Publication

2026-07-17 - Indef Manufacturing Limited has informed the Exchange about Copy of Newspaper Publication published today on July 17, 2026.

2026-07-06

Certificate under SEBI (Depositories and Participants) Regulations, 2018

2026-07-06 - Indef Manufacturing Limited has informed the Exchange about Certificate under SEBI (Depositories and Participants) Regulations, 2018

2026-06-26

Trading Window

2026-06-26 - Indef Manufacturing Limited has informed the Exchange regarding the Trading Window closure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015

2026-05-25

Record Date

2026-05-25 - Indef Manufacturing Limited has informed the Exchange that Record date for the purpose of Dividend & Meeting is 05-Aug-2026.

News

Recent coverage and analyst commentary for BAJAJINDEF

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Indef Manufacturing Ltd.

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Free 5nance Account

Name

BHEL

421.50

60.34

146768.97

0.33

376.71

182.70

7697.72

40.29

9.24

6.69

INDOMIM

947.70

87.83

46861.96

0.62

2401.22

—

12187.42

—

24.48

33.36

THERMAX

3623.50

72.77

43176.29

0.55

21.79

-85.61

2302.73

7.09

15.85

2.98

HONAUT

35564.65

57.06

31444.57

0.31

150.70

20.95

1204.40

1.80

17.04

14.32

JYOTICNC

1018.20

71.98

23156.22

0.00

57.14

-19.99

508.47

23.97

23.88

21.40

INOXINDIA

2230.95

79.60

20284.35

0.09

58.07

-4.98

370.79

9.18

33.54

20.46

AZAD

2869.20

133.33

18529.79

0.00

35.16

19.46

172.60

25.90

12.04

37.29

TRITURBINE

569.00

53.79

18088.42

0.75

51.10

-20.65

442.70

19.23

35.95

11.59

LLOYDSENGG

83.06

57.60

12882.93

0.30

68.23

-77.28

527.15

142.92

17.99

15.04

TEGA

1606.65

571.27

12070.39

0.12

-108.25

-406.36

1723.44

383.99

8.37

3.27

KRN

1627.05

109.86

10650.42

0.00

32.90

164.84

252.32

118.87

16.06

19.44

BAJAJINDEF

221.95

30.25

710.24

0.90

5.48

-3.01

34.46

-13.21

9.32

-2.84

Dec 2023

Mar 2024

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

Operating Profit

-2

OPM %

15.10%

23.21%

14.76%

15.99%

17.03%

20.68%

10.10%

13.92%

10.65%

16.41%

-8.52%

-4

Interest

Depreciation

Profit before Tax

Tax %

33.57%

26.09%

27.13%

-0.98%

24.89%

25.46%

25.06%

16.77%

25.48%

-99.73%

13.22%

Net Profit

1.75

3.64

1.79

3.53

2.21

3.17

1.83

2.09

1.94

2.28

1.82

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

177

196

186

146

170

166

Operating Profit

-0

OPM %

—

17.35%

13.14%

10.47%

Interest

Depreciation

Profit before Tax

-0

Tax %

-0.00%

29.06%

18.57%

6.42%

2.69%

Net Profit

-0

EPS

-0.95

-4.37

10.70

8.14

—

Dividend Payout %

0.00%

18.69%

24.57%

—

Mar 2024

Mar 2025

Mar 2026

Equity Capital

-0

250

269

Trade Payables

-0

Total Liabilities

301

326

Capital Work in Progress

199

215

Cash & Bank

Total Assets

301

326

Mar 2023

Mar 2024

Mar 2025

Mar 2026

-0

Cash from Investing

-10

-25

Cash from Financing

-2

-8

-7

-2

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

69.61

1.57

1.59

1.56

1.57

1.11

0.00

0.13

0.00

Government

0.00

28.81

28.80

28.83

28.69

29.28

Indef Manufacturing Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI

Indef Manufacturing Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI